A GUIDE FOR RESOURCEFUL RECRUITERS The Benefits … · 13 | The Benefits Employees Want Most...

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A GUIDE FOR RESOURCEFUL RECRUITERS The Benefits Employees Want Most

Transcript of A GUIDE FOR RESOURCEFUL RECRUITERS The Benefits … · 13 | The Benefits Employees Want Most...

Page 1: A GUIDE FOR RESOURCEFUL RECRUITERS The Benefits … · 13 | The Benefits Employees Want Most Copyriht 20082017, Glassdoor, Inc “Glassdoor and loo are proprietary trademars of Glassdoor,

A GUIDE FOR RESOURCEFUL RECRUITERS

The Benefits Employees Want Most

Page 2: A GUIDE FOR RESOURCEFUL RECRUITERS The Benefits … · 13 | The Benefits Employees Want Most Copyriht 20082017, Glassdoor, Inc “Glassdoor and loo are proprietary trademars of Glassdoor,

2 | The Benefits Employees Want Most

Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

Benefits are one piece of the employer brand puzzle that

cannot be overlooked.

In the face of rising health insurance costs, shrinking pension

plans, unlimited paid time off and more generous family

leave policies, employers have to carefully evaluate how

their benefits program impacts their ability to attract and

retain talent.

Aspects of an Employer Brand:

INTRODUCTION

Source: 1 Employer Costs for Employee Compensation Historical Listing March 2004 – December 2015, Bureau of Labor Statistics, 2016

Benefits like health insurance, paid leave and retirement plans make up about

a third of the total compensation pie — a share that has been rising in recent decades.1

culturemission

benefitsgrowth opportunitiesperks

brand communication diversity

compensation

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3 | The Benefits Employees Want Most

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Sources: 1 Harris Poll for Glassdoor, December 2015; 2 Glassdoor Employment Confidence Survey, October 2015

INTRODUCTION

ATTRACT In a candidate-driven market, benefits can sway

candidates’ decisions to accept employment offers.

RETAIN Benefits are also vital to retaining employees long-term. Nearly 80% of

workers would prefer new or additional benefits to a pay increase.2

MILLENNIALS Benefits are particularly appealing to younger workers. 90% of those

18 to 34 years old say they would prefer benefits over pay, versus

70% of the those 45 to 54 and 66% of those 55 to 64.2

of job candidates report benefits and perks are among their top considerations before accepting a job.157%

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4 | The Benefits Employees Want Most

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SECTION 1

How Benefits Influence Your Employer Brand

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5 | The Benefits Employees Want Most

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SECTION 1: How Benefits Influence Your Employer Brand

Today, before applying for open positions,

job candidates do more research than ever before.

Part of that effort includes pouring over online

company reviews left by employees, who like

sharing first-hand opinions about their workplace

experiences, including how they feel about benefits.

When benefits programs change, the

news is likely to ripple through social

commentary on sites like Glassdoor,

which can affect and shape perceptions

of your company and employer brand.

That means companies should carefully

consider the consequences of benefit

reductions and have a structured

approach to rolling out changes.

61% of Glassdoor users report

that they seek company reviews

and ratings before making

a decision to apply for a job.1

Glassdoor users report that they

use an average of 7.6 job sites

during their job search.1

Top 5 pieces of information job seekers want

employers to provide as they research where to work:2

Details on compensation packages

Details on benefits packages

Basic company information

Details on what makes the company an attractive place to work

Company mission, vision and values

1

3

2

4

5

of job seekers are more likely to apply to a job if the employer actively manages its employer brand 1

(e.g., responds to reviews, updates its profile, shares updates on culture and work environment).69%Sources: 1 Glassdoor U.S. Site Survey, January 2016; 2 Glassdoor U.S. Site Survey, January 2015

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6 | The Benefits Employees Want Most

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SECTION 2

Which Benefits Matter Most

Each benefit or perk sends a particular message about your company’s culture and employment

brand. Because every change in benefits requires a significant resource investment in evaluation

and rollout, it’s wise to carefully consider which changes will have the most impact.

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7 | The Benefits Employees Want Most

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Rank Benefit Type Correlationon a scale of 0-1.0

1 Health Insurance 0.7

2 Vacation and Paid Time Off 0.6

3 Pension Plan 0.6

4 401K Plan 0.6

5 Retirement Plan 0.5

SECTION 2: Which Benefits Matter Most

Focus on the BasicsA Glassdoor Economic Research study revealed

which of the 54 benefits have the highest correlation

with employee satisfaction.

The core benefits of health insurance, paid leave and retirement

plans matter more than specific benefits like maternity/paternity

leave, dependent care, stock options and free food.

Getting the basics (health insurance, paid leave and retirement

assistance) right will do more for employee satisfaction than adding

ancillary benefits and fun perks. Any cuts to the three basic areas

should be carefully considered for their potential impact.

Top 5 Benefits by Correlation of Overall Satisfaction with Benefit Packages1

Source: 1 The Best Industries for Benefits, Glassdoor Economic Research, May 2016

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8 | The Benefits Employees Want Most

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SECTION 3

Keep Up With — or Ahead of — Your Industry

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SECTION 3: Keep Up With — or Ahead of — Your Industry

Highest-Rated Benefits

Lowest-Rated Benefits

Highest-Rated 401(K) Plans

Highest-Rated Maternity/

Paternity Leave

Finance (3.7)

Business Services (3.4)

Finance (3.8)

Finance (3.8)

Information Technology (3.7)

Retail (3.1)

Education (3.8)

Information Technology (3.7)

Manufacturing (3.6)Food Services

(2.7)Manufacturing

(3.8)Education

(3.6)

Source: 1 The Best Industries for Benefits, Glassdoor Economic Research, May 2016

Is Your Benefits Program on Par With Your Industry?Knowing how you stack up against other companies can

help you stand out, especially if you offer better benefits than

talent competitors. It’s also an important discussion point

when interviewing candidates from other industries.

Ranking on 1-5 scale of Benefits Criteria by Industry1

When evaluating your benefits package, research competitor

benefits packages as well as their benefit reviews on Glassdoor.

Note reviewer sentiment and how benefits changes are perceived.

Use competitive information to make the case for or against

benefits changes to your senior leadership.

ACTION TIPS

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10 | The Benefits Employees Want Most

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SECTION 4

Examine Your Benefits Package

As you look to change benefits programs, remember that health insurance, paid time off and

retirement plans are of the utmost importance to employees and candidates. Employees will

be the most vocal about cuts to these programs.

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SECTION 4: Examine Your Benefits Package

Before making cuts to your benefits package:

Research your industry.

Check your reviews on Glassdoor. Note sentiment about benefits

in overall reviews and benefits review sections.

Conduct an internal survey and/or focus groups to determine

how cuts may be received.

Conduct a financial analysis of cuts and compare against publicly

known metrics like CEO salary and executive bonuses.

Consider what free/low costs perks you can offer to offset cuts.

Ideas may include:

• Wellness Programs (e.g., gym discounts, team hikes,

sports groups, meditation and yoga)

• Volunteer Time Off (VTO)

• Financial Education

Be the Voice of Your Company’s EmployeesPresent the results of your research and recommendations

to senior management. Arming executives with this

intelligence allows them to make decisions on behalf of the

well-being of the company and its employees.

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SECTION 5

How to Plan Your Benefits

A little planning will go a long way in maintaining the

integrity of your employer brand when making benefits

reductions or enhancements.

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SECTION 5: How to Plan Your Benefits

Tips for planning a successful benefits rollout:

Be transparent in your company’s rationale behind the

change. Let employees know what’s driving the decision

and how it will benefit your organization as a whole or its

bottom line.

Test messaging by looking at Glassdoor to see how similar

changes were previously received.

Leverage expertise by asking mid-level managers for

confidential pre-launch feedback and involving them in

the rollout.

Provide clear messaging by creating manager and

employee toolkits for the rollout. Provide manager training

if necessary.

Capture feedback by providing an open forum for

employees to discuss concerns and ask questions. Use

tools like Waggl, Slack or a company intranet/Wiki page.

Though changes to health insurance, paid time off and retirement

programs have the most impact, additions like extended

maternity/paternity leave policies, free food, tuition reimbursement,

childcare assistance and transportation subsidies can foster goodwill.

Your full package of benefits strengthens your employer brand

even among the employees who don’t take advantage of them.

1

5

2

3

4

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Remember, research shows that the core benefits of

health insurance, paid time off and retirement plans

are essential components of your employer brand and

candidate appeal! They help you attract, hire and

retain great talent in a competitive hiring market.

As you consider modifying or upgrading your benefits

package, carefully consider the potential impact of your

actions. In an age of organizational transparency and

always-on social media, any changes to your benefits

will naturally affect both candidate and employee

sentiment about your company.

SUMMARY

Proactively study your competitors’ benefits,

including how employees reacted to certain

changes or modifications.

Engage your own employees, asking their

feedback on the value they place on certain

benefits. Also, verify that your benefits are

updated and accurate on your Glassdoor profile.

Accompany your benefits rollout with

clear, transparent messaging and rationale

for any changes.

To head-off concerns, stay competitive and

ensure a successful benefits rollout, here are

three best practices:

1

2

3

Page 15: A GUIDE FOR RESOURCEFUL RECRUITERS The Benefits … · 13 | The Benefits Employees Want Most Copyriht 20082017, Glassdoor, Inc “Glassdoor and loo are proprietary trademars of Glassdoor,

15 | The Benefits Employees Want Most

Copyright © 2008–2017, Glassdoor, Inc. “Glassdoor” and logo are proprietary trademarks of Glassdoor, Inc.

To get involved in the conversation on Glassdoor and start managing and promoting your employer brand,

email [email protected], call (415) 339-9105 or visit www.glassdoor.com/employers.

For the latest in recruitment marketing tips, best practices and case studies, follow us on Twitter: @GDforEmployers.

It’s easy to get started! Start monitoring

your brand reputation today.

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About GlassdoorWith millions of company reviews, salary reports, interview reviews and benefits

reviews on more than 700,0001 companies worldwide, Glassdoor is a trusted and

transparent place for today’s candidates to search for jobs and research companies.

Glassdoor helps employers across all industries and sizes advertise their jobs and

promote their employer brands to a well-researched, highly selective candidate

pool. By advertising jobs via mobile devices, email alerts and throughout Glassdoor,

employers influence candidates at the moment they’re searching jobs and making

decisions. This results in more-informed candidates that require 50% fewer

resumes to find a quality hire at a fraction of the cost of traditional job boards.2

Sources: 1Glassdoor Internal Data, March 2017; 2As measured by application-to-hire ratio compared to other job sites based on a study of 2015 hiring data for 30 million applications